Elsewhere in the cash Isa stakes, it has axed its WEB Isa Issue 3 paying 2.25 per cent on balances over £10,000, which was open to all customers, while its Easy Isa has dropped from 2.25 per cent to two per cent.

It has also axed a two year fixed-rate cash Isa paying 2.1 per cent, via its Nationwide, Derbyshire and Cheshire ranges.

The removal of these top rates compounds the misery for those looking for a tax-free account to beat inflation. Since the start of the cash Isa season three months ago, there has hardly been any new products or rate hikes whatsoever.

Nationwides easy-access account, MySavePlus, had been a best-buy paying 1.7 per cent but this has fallen to 1.4 per cent.

The Derbyshire NetSaver Issue 11 still has the 1.7 per cent rate.

There has been a cataclysmic fall in the number of easy-access accounts available, with a clutch of deals remaining static at the 1.5 per cent mark. A year ago, those looking for a simple account could have opened an account with three per cent interest.

Fixed-rate deals have also been cut by Nationwide to complete the triple whammy for savers. Its one year fix has fallen from 1.75 to 1.6 per cent and its two year from 2.1 per cent to 1.76 per cent.

More bad news for savers – but at least Nationwide is still in the mix

Comment by This is Money savings correspondent Lee Boyce

Cuts on a number of best buy deals by Britain’s largest building society, including cash Isas and easy-access, is not good for competition.

Nationwide has been the top of both cash Isa rates and easy-access for months dnd despite these cuts, many of its products actually still remain as best buys.